Low-Income Housing Credit

ICR 201602-1545-037

OMB: 1545-0984

Federal Form Document

Forms and Documents
Document
Name
Status
Form and Instruction
Modified
Supporting Statement A
2016-03-22
IC Document Collections
IC ID
Document
Title
Status
39920 Modified
ICR Details
1545-0984 201602-1545-037
Historical Active 201301-1545-014
TREAS/IRS Form_8586
Low-Income Housing Credit
Extension without change of a currently approved collection   No
Regular
Approved without change 06/03/2016
Retrieve Notice of Action (NOA) 03/31/2016
This form is used by individual and other taxpayers. The portion of the burden imposed on individual taxpayers is approved under OMB Control Number 1545-0074. In its next submission under this OMB Control Number, the agency is instructed to ensure that the estimate of burden associated with this Control Number includes only the burden imposed on non-individual taxpayers. If the agency finds that the current burden estimate includes burden imposed on individual taxpayers, it must immediately submit an adjustment request that eliminates this double-counting.
  Inventory as of this Action Requested Previously Approved
06/30/2019 36 Months From Approved 06/30/2016
7,786 0 7,786
68,517 0 68,517
0 0 0

The Tax Reform Act of 1986 (Code section 42) permits owners of residential rental projects providing low-income housing to claim a credit against income tax for part of the cost of constructing or rehabilitating such low-income housing. Form 8586 is used by taxpayers to compute the credit and by IRS to verify that the correct credit has been claimed.

PL: Pub.L. 106 - 170 500 Name of Law: Tax Relief Extension Act of 1999
   US Code: 26 USC 47 Name of Law: Rehabilitation credit
   US Code: 26 USC 42 Name of Law: Low-income housing credit
   PL: Pub.L. 110 - 289 3022 Name of Law: Housing and Economic Recovery Act of 2008
   US Code: 26 USC 38 Name of Law: General business credit
  
None

Not associated with rulemaking

  80 FR 78820 12/17/2015
81 FR 18694 03/31/2016
No

1
IC Title Form No. Form Name
Low-Income Housing Credit 8586 Low-Income Housing Credit

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 7,786 7,786 0 0 0 0
Annual Time Burden (Hours) 68,517 68,517 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$925
No
No
No
No
No
Uncollected
Philip Beram 202 317-5999

  No

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
03/31/2016


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